Eurofins announces the successful closing of the ViraCor-IBT acquisition
Tuesday, July 1, 2014
Eurofins Scientific (EUFI.PA), the global leader in bio-analytical testing, and one of the world leaders in genomic services, announces the successful closing of the transaction to acquire 100% of ViraCor-IBT Laboratories, Inc. (VIBT) today following thorough review and approval from relevant regulatory bodies.
As communicated on May 9th, Eurofins signed an agreement to acquire VIBT for US$ 255m in cash. VIBT is a premier esoteric reference laboratory serving 550 institutional clients and over 4,000 affiliated clinicians as well as 12 leading pharmaceutical companies across the US. The company is expected to generate revenues in excess of US$ 80m and EBITDA of US$ 25m for the calendar year 2014. Eurofins assumes no debt from the acquisition of VIBT. Furthermore, no site consolidations or restructuring costs are foreseen as a result of this acquisition. Based on VIBT's historic and projected profitability, the transaction should be immediately margin accretive for Eurofins.
Comment fromDr. Gilles Martin, Eurofins CEO: "I am pleased to officially welcome VIBT into the Eurofins global network of laboratories. Its inclusion into our network allows the Group to leverage its genomic testing capabilities, and at the same time expand operating footprint and client reach for the rest of our competencies for pharmaceutical testing".
For more information about Eurofins, please visit www.eurofins.com or contact:
Eurofins Scientific Group
Phone: +32 2 766 1620
Notes for the editor:
Eurofins - a global leader in bio-analysis
Eurofins Scientific is the world leader in food and pharmaceutical products testing. It is also number one in the world in the field of environmental laboratory services and one of the global market leaders in agroscience, genomics, discovery pharmacology and central laboratory services.
With over 15,000 staff in more than 190 laboratories across 36 countries, Eurofins offers a portfolio of over 100,000 reliable analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products. The Group provides its customers with high-quality services, accurate results on time and expert advice by its highly qualified staff.
Eurofins is committed to pursuing its dynamic growth strategy by expanding both its technology portfolio and its geographic reach. Through R&D and acquisitions, the Group draws on the latest developments in the field of biotechnology and analytical chemistry to offer its clients unique analytical solutions and the most comprehensive range of testing methods.
As one of the most innovative and quality oriented international players in its industry, Eurofins is ideally positioned to support its clients' increasingly stringent quality and safety standards and the expanding demands of regulatory authorities around the world.
The shares of Eurofins Scientific are listed on the NYSE Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).
This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgement of Eurofins Scientific’ management as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the information available to the Company’s management as of the date of publication, but no guarantee can be made as to their validity.